Oil gains help TSX close at highest since September

Thu Apr 9, 2015 4:52pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index notched its sixth straight gain and its highest close since September on Thursday, led up by big banks and industrial and energy shares.

Oil and gas shares were up 1.5 percent as a rise in oil prices helped some producers, while the overall long-term outlook for the sector was seen as less pessimistic.

"You've seen oversold sectors, particularly within the energy complex, starting to see some very early evidence of stability," said Sid Mokhtari, a market technician at CIBC World Markets. "People at minimum don't want to be short the complex."

Among energy winners, Suncor Energy Inc (SU.TO: Quote) rose 1.4 percent to C$39.37, and Canadian Natural Resources (CNQ.TO: Quote) advanced 1.3 percent to C$40.52.

"It's, so far, looking very good - a rebound primarily from the oil in the energy sector," said John Kinsey, portfolio manager at Caldwell Securities.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 112.71 points, or 0.74 percent, at 15,326.31.

In the industrials sector, Canadian Pacific Railway Ltd CP.TO gained 2.2 percent to C$236.61 and rival Canadian National Railway Co CNR.TO added 1.1 percent to C$84.12.

Advancing issues outnumbered decliners by 142 to 95, for a 1.49-to-1 ratio on the upside. Ten stocks posted new 52-week highs and two posted new lows in the session.   Continued...

 
A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007.  REUTERS/Mark Blinch